Student loan: the conditions for obtaining
Today, many banks and credit agencies offer student loans. However, not everyone can benefit. Student loans are effect granted under certain conditions:
- Being of age: the legal minimum to obtain a student loan is to be 18 years old;
- To be under 30 , as a rule. This is however not valid everywhere: some institutions set a lower limit (25-28 years), while others do not fix it;
- To be a student of course, that is to say to be enrolled in an institution of higher education (university, school, preparatory class, high school for BTS) and to be able to justify it by a student card.
To note: each bank or organization is free to define its own conditions. The conditions of the student loan therefore vary according to the institution. For example, underwriting loan insurance may be a sine qua non condition for some banks.
Obtaining a student loan is not automatic if you meet the conditions mentioned above. Other conditions come into play: your deposit and income, the duration of your studies, the nature of your course … If a bank considers that your borrowing and repayment capacities are too low, they are entitled not to give you loan.
The conditions of the student loan guaranteed by the State
The student loan guaranteed by the State is subject to similar conditions of production. To qualify, you must meet the following conditions: be enrolled in an institution in France to prepare a diploma of French higher education, be under 28 years old and be French or citizen of a country of the European Economic Area ( EEA).
This loan is not subject to resource ceilings and provides up to € 15,000.
The deposit, a condition often imposed
One of the peculiarities of the student loan compared to other consumer loans is that one of the conditions of obtaining is to have a deposit (or guarantor). Almost all banks and credit agencies require student loan guarantees, as students have limited budgets and often insufficient income. They are more likely than assets to have payment incidents.
Who can act as surety for your student loan? These are often parents, but it is also possible to appeal to other relatives (family, friends …).
The more your deposit is safe for the bank (high income, no credit to repay …), the more you can benefit from a loan rate (or taeg, for annual percentage rate) advantageous!
Duration, amount, rate: the conditions of the student loan
If a bank or credit institution accepts your student loan application, the loan agreement should detail all the conditions of the student loan. As for duration, student loans generally range from 1 to 10 years. The amounts loaned vary according to the lending institutions and the borrowers’ profiles (what level of study, what type of school, what length of study?), But often range from € 1,500 to € 30,000.
As far as rates are concerned, the rule is the same: each bank or credit institution is free to set its own rates, as long as they do not exceed the rate of wear. Banks often offer low and attractive rates for student loans. As with consumer loans, these rates can be fixed or variable.
With regard to the conditions of use of the student loan, they depend on the nature of the credit subscribed. If a personal loan can be used as you wish, an assigned credit must be used for a predefined type of expense.
Deferred repayment, specific condition of the student loan
One of the conditions proposed in the vast majority of student loan agreements is deferred repayment. This system allows students to repay their credit in two stages:
- During their studies, students only reimburse their loan insurance (in case of total deductible) or their loan insurance and student loan interest (in case of partial deductible);
- At the end of their studies and at the beginning of their working life, they repay the entire loan .
How to find a student loan in the best conditions?
Young people often have limited budgets and do not want to start their lives as young adults with a loan that is too heavy to repay. It is therefore legitimate to look for the best student loan, which allows to benefit from advantageous credit conditions.
This is precisely what a consumer credit comparator like Ayesha.fr serves! By comparing available student loans according to your student profile and your situation, you will have access to free customized quotes. All you have to do is compare student loans, select the one that guarantees you the best conditions and make your loan application!